RESIGNATION DUE TO RETIREMENT Sample Clauses
The "Resignation Due to Retirement" clause defines the process and conditions under which an employee may voluntarily leave their position upon reaching retirement age or choosing to retire. Typically, this clause outlines the required notice period the employee must provide, any documentation or formal steps needed, and the treatment of benefits such as pensions or accrued leave. Its core function is to ensure a smooth transition for both the employee and employer by clarifying expectations and procedures related to retirement, thereby minimizing disruptions and misunderstandings.
RESIGNATION DUE TO RETIREMENT. If Manager fails to meet the requirements of Paragraph 3 above because he has retired from employment with Employer, the Company or Southwest Coca-Cola Bottling Company, Inc. after the Performance Period ends, but prior to a payment date in accordance with the terms of The Coca-Cola Bottling Group (Southwest), Inc. and Affiliates Retirement Plan, Manager will receive the Award Payable as provided in this Agreement. If Manager's resignation due to retirement occurs prior to the end of the Performance Period, the Board of Directors may waive the "continuous employment" requirement and prorate the Award Payable based on the ratio of the number of months within the Performance Period in which Manager was actively employed to the 36 months in the Performance Period.